For those who have become reflexively cynical about the banking industry, Business Week's reveal that Lehman Brothers used a variety of complex accounting tricks to disguise exactly how many millions of dollars CEO Richard Fuld was getting paid as the firm went down in flames will come as little surprise. But what is kind of shocking is how much the bankrupt estate paid out in order to brief Fuld about the workings of his complicated compensation structure before his appearance in front of the Senate Finance Committee last year.
In advance of his testimony, Simpson Thacher & Bartlett racked up 889.3 hours of work prepping Fuld and producing documents for Congress. The bill, paid by the bankruptcy estate, came to $491,197.
Fourteen years as CEO of a major financial institution, and he needed that much help simply to figure out how he was getting paid? We'd hate to see his personal checking account ledger. Must be a mess.
How Much Did Lehman CEO Dick Fuld Really Make? [Business Week]